New Risk • Apr 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 47% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (CA$16.8m market cap, or US$12.3m). Announcement • Apr 15
Bedford Metals Corp. announced that it has received CAD 1 million in funding Bedford Metals Corp. a non-brokered private placement and issued 5,000,000 common shares at a price of CAD 0.20 per Share for gross proceeds of CAD 1,000,000 on April 14, 2026. Each Share was issued as a flow-through share within the meaning of the Income Tax Act (Canada). In consideration for introducing the investors to the Offering, the Company has issued 500,000 Shares at a deemed price of CAD 0.20 per Share to an arm's-length party. All securities issued in connection with the Offering are subject to restrictions on resale until August 14, 2026, in accordance with applicable securities laws New Risk • Feb 24
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$2.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$2.7m free cash flow). Earnings have declined by 47% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$17.9m market cap, or US$13.1m). Announcement • Jan 19
Bedford Metals Corp. Completes 2025 Exploration Program At Sheppard Lake Uranium Project Bedford Metals Corp. announced completion of its Phase 3 Exploration program at its wholly owned Sheppard Lake Uranium Project, which concluded at the end of December 2025 and included an ongoing field program. The fully funded drill program is scheduled to resume in the spring of 2026, drilling the TZ-2 showing, as well as TZ-1 and Warr Lake. The newly discovered Silica Cap Zone at Warr Lake will also be explored with a high-resolution walking magnetometer survey and backpack drilling. The field program consisted of 3 radiometric surveys in addition to prospecting and grab sampling. Radiometric surveys were conducted at 3 targeted locations: an area west of and adjacent to TZ-2, at TZ-1, and at an area west of Warr Lake. Radiometric data was collected on high-resolution grids with maximum CPS readings collected every 10m along 500m lines, with line intervals spaced at 25m. A total of 3,644 radiometric readings were recorded resulting in the delineation of several anomalous zones, particularly at the TZ-2 west and TZ-1 zones. A total of 18 grab samples were collected while prospecting outcrop at TZ-1, west of TZ-2, and at Warr Lake with CPS readings up to 10,609, the Silica Cap Zone. Solid ice coverage by the beginning of December allowed the team to visit the 2 islands in the center of Warr Lake. The larger island to the east contained pink I-type granite, with a definitive increase in banding/metamorphism and had elevated CPS readings with hotspots ranging from 1500-10,000 CPS. The smaller island to the west exhibited a distinctly different lithology with massive coarse/pegmatitic silica/quartz flooding with minor amounts of plagioclase, which is believed to be a silica cap. This silica cap could be the upper reaches of a uranium bearing pegmatite (alaskite style) or a basement style basin deposit. Note that the Warr Lake islands are located adjacent to a N-S trending fault, a NW-SE trending EM conductor, and are within 500m of the Athabasca Basin boundary. Due to extremely cold weather and resultant equipment problems, only 298.5 m were drilled in total. This included the first hole (SHP-25-01), which had to be abandoned at 32m due to rods binding, and a second hole (SHP- 25-02) that traced the same azimuth as hole 1 but a slightly steeper dip to reach a hole length of 266.5m. Both holes were intended to test the area directly south of the TZ-2 showing. A total of 74 samples with a maximum CPS of 152 were collected. In total, 92 samples (grab samples and drill core) were delivered to the SRC Geoanalytical Laboratory in Saskatoon for multi-element, U3O8, and boron assay analyses. Bedford remains steadfast in its commitment to conducting all exploration activities in an environmentally responsible manner and in close collaboration with local indigenous communities and other stakeholders. The Company places the highest priority on minimizing its environmental footprint while fostering positive and mutually respectful relationships within the region. New Risk • Nov 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 47% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (CA$17.7m market cap, or US$12.6m). New Risk • Nov 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 47% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (CA$19.4m market cap, or US$13.8m). 